Senaria, a local construction project management companies, ends the first quarter of 2023 with a 25% increase in revenue YoY. In the first quarter of this year, the company contracted projects for the services provided in the amount of EUR 1 million thus predicting at least a doubling of the turnover compared to 2022.
Senaria, a project management and technical consultancy company in real estate development, established in 2019, managed projects in 2022 with a total value of over EUR 20 million. Although it was a year marked by economic and socio-political challenges, the real estate investment market sent a signal of stability and organic, sustainable growth in previous years, a signal that continues this year as well.
“The positive dynamics came against the backdrop of the return trend in real estate, after 2020-2021 blocked by the health crisis. 2022 was a good year for us, a period in which we had several new projects in the residential area, but also in the industrial area. The real estate market offers many opportunities again this year, despite the context, and we are ready to continue to provide developers and real estate investors with client-oriented project management services that translate into cost and time optimization. For 2023, we aim to increase the number of managed projects by 30%”, said Catalin Chimir, Managing Director of Senaria Management & Engineering.
The growth trend is given both by market demand in the private sector through investments in atypical residential or industrial projects, as well as large-scale projects in the public sector. In the first 3 months of 2023, SENARIA contracted projects in project management, fit-out and technical due diligence services provided for the purchase of real estate to private investors and investment funds, which will have a significant impact on the figure of business estimated for the current year. The increase compared to the similar period of 2022 is 25% and the company believes that the current premises favor at least doubling the turnover at the level of 2023, with the threshold of 800,000 euro being exceeded.
“Mature real estate investors have understood the advantage of continuing projects, even if they proceed in a cautious manner where the approach must consider risk management and attention to margins. They also understand the advantage of contracting project management services from a specialized and experienced provider and thus manage to optimize costs and continue projects at a time when many reduce the pace. We are glad to have found partners who saw an opportunity in this period, and this will be a growth engine in 2023”, stated Catalin Chimir.
Challenges and opportunities in real estate development in 2023
The challenges of this year are many and unprecedented, due to their simultaneous manifestation, according to SENARIA representatives. Among them are the geopolitical context – which causes problems related to the increase in supply prices, the monetary policy that provides for harsh conditions for financing real estate development projects or the purchase of real estate products, the fiscal policy regarding the taxation of real estate and the resulting incomes, as well as a reduction in foreign investments due to border problems, a trend also noted among Romanian investors, in the context of the current financial uncertainty.
”However, it is also a time of many opportunities. Although access to financing is difficult, this can be a factor that eliminates competition and offers the possibility of obtaining low labor costs in the near future. The reorganization started by the owners of production units located in Ukraine, Russia and China, who move their activity to Eastern Europe out of the desire to avoid the large gaps in the supply of the markets with the products manufactured by them, together with the development of the e-commerce sector, leads to an increase in the demand for projects in the logistics and industrial sector, therefore we will go through an atypical period in this sector, but certainly without challenges,” Catalin Chimir also stated.
Senaria is a Romanian company, founded by Catalin Chimir, an entrepreneur with over 15 years of experience and extensive knowledge in the sector of real estate development and investment, construction, general design, as well as in the fields of property and facility management.